• GBPCAD reversed from the support level 1.7480
• Likely to reach resistance level 1.7660
GBPCAD recently reversed up from the support level 1.7480 (former low of wave (iv) from February) – intersecting with the lower daily Bollinger Band and 38.2% Fibonacci correction of the upward impulse from December.
The price will create the daily candlesticks reversal patter Morning Star – if the pair closes today near the current levels.
Given the clear bullish sterling sentiment seen today – GBPCAD is likely to rise further toward the next resistance level 1.7660 (previous minor reversal pivot).